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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
John Kenneth Galbraith
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
Politician
University Teacher
John K. Galbraith
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Scales
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Debt
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Dangerously
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Crises
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More quotes by John Kenneth Galbraith
Why is anything intrinsically so valueless so obviously desirable?
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Men will look back in amusement at the pretence that once caused people to refer to General Dynamics and North American Aviation and AT&T as private business.
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Educators have yet to realize how deeply the industrial system is dependent upon them.
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In the assumption that power belongs as a matter of course to capital, all economists are Marxians.
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When you see reference to a new paradigm you should always, under all circumstances, take cover.
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The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.
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Originality is something that is easily exaggerated, especially by authors contemplating their own work.
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Anyone who says he won't resign four times, will.
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Speeches in our culture are the vacuum that fills a vacuum.
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The inborn instability of capitalism has been part of the history of the system for several hundred years.
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Private enterprise did not get us atomic energy.
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In any great organization it is far, far safer to be wrong with the majority than to be right alone.
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No nice philosophical point has ever been so decisively resolved as this: that those who are not conceived do not miss the pleasure of consuming the goods they do not get born to enjoy.
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A good rule of conversation is never answer a foolish question.
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However, it is safe to say that at the peak in 1929 the number of active speculators was less - and probably was much less - than a million.
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In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds... for it means that the most expensive restaurants are, with rare exceptions, the worst.
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Of all classes the rich are the most noticed and the least studied.
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Ideas are inherently conservative. They yield not to the attack of other ideas but to the massive onslaught of circumstance with which they cannot contend.
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All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
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No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.
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